v3.26.1
Revenue from Contracts with Customers (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of the Disaggregation of Revenue
The following tables present revenue disaggregated by contract type:
Three months ended June 30, 2026E&MT&DTotal
(In thousands)
Fixed-price$522,130 $108,081 $630,211 
Cost reimbursable*476,770 77,541 554,311 
Unit-price11,425 41,775 53,200 
Total contract revenues1,010,325 227,397 1,237,722 
Eliminations(89)(6,086)(6,175)
Total operating revenues
$1,010,236 $221,311 $1,231,547 
__________________
*Includes time and material, time and equipment, and cost reimbursable plus fee contracts.
Three months ended June 30, 2025E&MT&DTotal
(In thousands)
Fixed-price$379,415 $113,774 $493,189 
Cost reimbursable*323,862 65,921 389,783 
Unit-price10,323 32,689 43,012 
Total contract revenues713,600 212,384 925,984 
Eliminations(1,986)(2,532)(4,518)
Total operating revenues
$711,614 $209,852 $921,466 
__________________
*Includes time and material, time and equipment, and cost reimbursable plus fee contracts.
Six months ended June 30, 2026E&MT&DTotal
(In thousands)
Fixed-price$952,401 $212,354 $1,164,755 
Cost reimbursable*870,246 143,097 1,013,343 
Unit-price
22,802 76,409 99,211 
Total contract revenues1,845,449 431,860 2,277,309 
Eliminations(122)(8,687)(8,809)
Total operating revenues
$1,845,327 $423,173 $2,268,500 
__________________
*Includes time and material, time and equipment, and cost reimbursable plus fee contracts.
Six months ended June 30, 2025E&MT&DTotal
(In thousands)
Fixed-price$729,981 $207,377 $937,358 
Cost reimbursable*609,748 128,904 738,652 
Unit-price22,098 61,118 83,216 
Total contract revenues1,361,827 397,399 1,759,226 
Eliminations(6,222)(4,909)(11,131)
Total operating revenues
$1,355,605 $392,490 $1,748,095 
__________________
*Includes time and material, time and equipment, and cost reimbursable plus fee contracts.
The following table presents revenue disaggregated by customer type:
Three months ended June 30, Six months ended June 30,
2026202520262025
(In thousands)(In thousands)
Commercial
$753,154 $507,717 $1,407,975 $927,029 
Industrial
147,722 77,325 226,089 163,688 
Institutional
72,893 92,333 134,635 195,661 
Service & other
29,105 25,650 53,755 52,097 
Renewables
7,451 10,575 22,995 23,352 
Total E&M
1,010,325 713,600 1,845,449 1,361,827 
Utility
204,501 184,446 388,828 349,500 
Transportation
22,896 27,938 43,032 47,899 
Total T&D
227,397 212,384 431,860 397,399 
Eliminations
(6,175)(4,518)(8,809)(11,131)
Total operating revenues
$1,231,547 $921,466 $2,268,500 $1,748,095 
Summary of Uncompleted Contracts and Contract Assets and Contract Liabilities
Costs, estimated earnings and billings on uncompleted contracts were summarized as follows as of:
June 30, 2026December 31, 2025
(In thousands)
Costs incurred on uncompleted contracts
$7,525,535 $8,036,495 
Estimated earnings
1,134,301 1,172,516 
Costs and estimated earnings on uncompleted contracts
8,659,836 9,209,011 
Less: billings to date
(8,788,498)(9,258,355)
Net contract liabilities
$(128,662)$(49,344)
Contract assets and Contract liabilities, net consisted of the following as of:
June 30, 2026December 31, 2025
(In thousands)
Unbilled revenue
$223,930 $187,902 
Retainage
66,227 67,865 
Contract assets
$290,157 $255,767 
Deferred revenue
$575,652 $417,415 
Accrued loss provision
2,119 1,965 
Less: retainage
(158,952)(114,269)
Contract liabilities, net
$418,819 $305,111 
The following table presents the opening and closing balances of contract assets (liabilities) as of:
June 30, 2026December 31, 2025
Contract Assets
Contract Liabilities, Net
Net Contract LiabilitiesContract Assets
Contract Liabilities, Net
Net Contract Liabilities
(In thousands)
Balance at beginning of period
$255,767 $(305,111)$(49,344)$167,049 $(207,304)$(40,255)
Identifiable assets and liabilities acquired7,525 (14,811)(7,286)— — — 
Change during period, net of acquisition effects26,865 (98,897)(72,032)88,718 (97,807)(9,089)
Balance at end of period
$290,157 $(418,819)$(128,662)$255,767 $(305,111)$(49,344)
Summary of Remaining Performance Obligations and Expected Revenue Recognition The table below shows additional information regarding the Company’s remaining performance obligations as of June 30, 2026, including an estimate of when the Company expects to recognize its remaining performance obligations as revenues:
Within 12 monthsGreater than 12 months
(In thousands)
E&M
$3,006,886 $616,314 
T&D
271,102 53,597 
Total
$3,277,988 $669,911